02-P-022 Voluntary Tax Sheltered Annuity Calculations for Kansas Board of Regents, School for the Deaf, and School for the Blind (Supersedes 01-p-021)
Posted on October 21, 2021 at 12:50 PM by Kansas Department of Administration
|DATE:||December 3, 2001|
|SUBJECT:||Voluntary Tax Sheltered Annuity Calculations for Kansas Board of Regents, School for the Deaf, and School for the Blind|
|CONTACT:||Sunni Zentner||(785) 296-7058||(Sunni.Zentner@da.state.ks.us)|
|SUMMARY:||Formulas for Calculating the Maximum Allowable Voluntary Tax Sheltered Annuity (VTSA) Contributions for Calendar Year 2001|
The attached worksheets have been developed in accordance with the current provisions of the Internal Revenue Code and contain a change to the Maximum Exclusion Allowance (MEA) calculation for 2001. In determining the 'amounts previously excludable' portion of the MEA calculation, any prior year's contribution to a defined benefit plan are not to be included. Because KPERS is a defined benefit program, the KPERS "Priors" Calculation has been removed from the attached worksheets. Please note that present year KPERS Employee Contributions (including KPERS buyback) are still used in calculating gross earnings for the MEA.
The Division of Accounts and Reports, Payroll Services will continue to provide calculation worksheets for each VTSA participant employed at the Board of Regents, Kansas State School for the Blind, and School for the Deaf. These agencies will be contacted in the month of December to assist in gathering the data necessary to complete the worksheets.
Regent's institutions are responsible for applying the maximum VTSA formulas for their employees and processing any necessary refunds prior to the end of the calendar year.